Venezuela Population: 30,912,302

Venezuela was one of three countries that emerged from the collapse of Gran Colombia in 1830 (the others being Ecuador and New Granada, which became Colombia). For most of the first half of the 20th century, Venezuela was ruled by generally benevolent military strongmen, who promoted the oil industry and allowed for some social reforms. Democratically elected governments have held sway since 1959. Under Hugo CHAVEZ, president from 1999 to 2013, and his hand-picked successor, President Nicolas MADURO, the executive branch has exercised increasingly authoritarian control over other branches of government. At the same time, democratic institutions have deteriorated, threats to freedom of expression have increased, and political polarization has grown. The ruling party's economic policies have expanded the state's role in the economy through expropriations of major enterprises, strict currency exchange and price controls that discourage private sector investment and production, and overdependence on the petroleum industry for revenues, among others. Current concerns include: an increasingly politicized military, rampant violent crime, high inflation, and widespread shortages of basic consumer goods, medicine, and medical supplies.

conventional long form: Bolivarian Republic of Venezuela conventional short form: Venezuela local long form: Republica Bolivariana de Venezuela local short form: Venezuela etymology: native stilt-houses built on Lake Maracaibo reminded early explorers Alonso de OJEDA and Amerigo VESPUCCI in 1499 of buildings in Venice and so they named the region "Venezuola," which in Italian means "Little Venice"

chief of state: President Nicolas MADURO Moros (since 19 April 2013); Executive Vice President Aristobulo ISTURIZ (since 6 January 2016); note - the president is both chief of state and head of government

head of government: President Nicolas MADURO Moros (since 19 April 2013); Executive Vice President Aristobulo ISTURIZ (since 6 January 2016)

cabinet: Council of Ministers appointed by the president elections/appointments: president directly elected by simple majority popular vote for a 6-year term (no term limits); election last held on 14 April 2013 - a special election held following the death of President Hugo CHAVEZ Frias on 5 March 2013 (next election expected in late 2018 or early 2019 pending official convocation by the country's electoral body)

highest court(s): Supreme Tribunal of Justice (consists of 32 judges organized into 6 divisions - constitutional, political administrative, electoral, civil appeals, criminal appeals, and social (mainly agrarian and labor issues) judge selection and term of office: judges proposed by the Committee of Judicial Postulation (an independent body of organizations dealing with legal issues and of the organs of citizen power) and appointed by the National Assembly; judges serve non-renewable 12-year terms

Venezuela remains highly dependent on oil revenues, which account for almost all export earnings and nearly half of the government’s revenue. The country ended 2015 with an estimated 10% contraction in its GDP, 275% inflation, widespread shortages of consumer goods, and declining central bank international reserves. The IMF forecasts that the GDP will shrink another 8% in 2016 and inflation may reach 720%. Falling oil prices since 2014 have aggravated Venezuela’s economic crisis. Insufficient access to dollars, price controls, and rigid labor regulations have led some US and multinational firms to reduce or shut down their Venezuelan operations. Market uncertainty and state oil company PDVSA’s poor cash flow have slowed investment in the petroleum sector, resulting in a decline in oil production. Under President Nicolas MADURO, the Venezuelan Government’s response to the economic crisis has been to increase state control over the economy and blame the private sector for the shortages. The Venezuelan government has maintained strict currency controls since 2003. On 17 February 2016, the Venezuelan government announced a change from three official currency exchange mechanisms to only two official rates for the sale of dollars to private sector firms and individuals, with rates based on the government's import priorities. The official exchange rate used for food and medicine imports was devalued to 10 bolivars per dollar from 6.3 bolivars per dollar. The second rate moved to a managed float. These currency controls present significant obstacles to trade with Venezuela because importers cannot obtain sufficient dollars to purchase goods needed to maintain their operations. MADURO has used decree powers to enact legislation to deepen the state’s role as the primary buyer and distributor of imports, further tighten currency controls, cap business profits, and extend price controls.

note: data cover central government debt, as well as the debt of state-owned oil company PDVSA; the data include treasury debt held by foreign entities; the data include some debt issued by subnational entities, as well as intra-governmental debt; intra-governm

all citizens of military service age (18-60 years old) are obligated to register for military service, though mandatory recruitment is forbidden; the minimum conscript service obligation is 12 months (2015)

claims all of the area west of the Essequibo River in Guyana, preventing any discussion of a maritime boundary; Guyana has expressed its intention to join Barbados in asserting claims before the UN Convention on the Law of the Sea that Trinidad and Tobago's maritime boundary with Venezuela extends into their waters; dispute with Colombia over maritime boundary and Venezuelan administered Los Monjes Islands near the Gulf of Venezuela; Colombian organized illegal narcotics and paramilitary activities penetrate Venezuela's shared border region; US, France, and the Netherlands recognize Venezuela's granting full effect to Aves Island, thereby claiming a Venezuelan Economic Exclusion Zone/continental shelf extending over a large portion of the eastern Caribbean Sea; Dominica, Saint Kitts and Nevis, Saint Lucia, and Saint Vincent and the Grenadines protest Venezuela's full effect claim

Refugees and internally displaced persons:

refugees (country of origin): 173,673 (Colombia) (2015)

Illicit drugs:

small-scale illicit producer of opium and coca for the processing of opiates and coca derivatives; however, large quantities of cocaine, heroin, and marijuana transit the country from Colombia bound for US and Europe; significant narcotics-related money-laundering activity, especially along the border with Colombia and on Margarita Island; active eradication program primarily targeting opium; increasing signs of drug-related activities by Colombian insurgents on border